Revolut planning to provide mortgages next year

Brendan Burgess

Brendan Burgess

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www.irishtimes.com

Revolut plans Irish mortgages launch in first half of 2025

Irish customer base at 2.7m at end of 2023 and on track to breach three million this year
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Mr Heneghan claims that Revolut’s IT capability will be able to “make the customer journey a lot slicker, a lot faster and a lot less onerous for the consumer”.

You would be crazy to go near any online company for a mortgage and Revolut in particular. Many issues arise in drawing down a mortgage and you have to be able to contact the lender. Revolut is impossible to get a response from when problems arise. That is bad enough when you have had money taken out of your account but it could be fatal if you are trying to draw down money to close a sale.

Brendan
 
I had a car loan with them about 18 months ago. It was super quick, convenient, the cheapest I could find by a distance and was very easy to repay and keep track of.

I know a mortgage is a different beast but my LTV ratio is low, outstanding balance isn’t massive and repayments are very manageable. Current inconvenience is having to fill out paper forms with PTSB to overpay. I’d have no issue in switching a mortgage to Revolut. A first time mortgage or moving home is probably more complicated but for switching I can’t see major issues.

EDIT:
as a new member I've to wait hours to reply but to the below message by Itchy, yes new mortgages would be more attractive but my experience of the car loan did instil confidence and if they're significantly cheaper saving you a few hundred a month you'd have to consider it.
 
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Duddaa said:
I’d have no issue in switching a mortgage to Revolut. A first time mortgage or moving home is probably more complicated but for switching I can’t see major issues.
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That is a very good point.

If they are far cheaper and guaranteed to be e.g. long-term fixed rates, then switching should be considered. So what if it's frustrating and takes a long time. You are not going to lose the house.
 
They've said it will be a digital only experience and that it could be one of 2 models. This is the quote I've read online
The first one is a mortgage financed by us as a bank. Or it could be like a mortgage introduction. But ultimately what we want to build is a frictionless experience that is 100 per cent digital, so that within the app you apply for the mortgage, select the house that you want to buy and then be emailed at the same time."

"Everything would be instant and automated."
 
It would be great if it was an innovative product e.g. akin to the offset mortgages where you could save against it and withdraw later, pay your salary against it and withdraw over the month as needed. Great potential over existing products in the market.
 
How would they assess applicants? Simply by looking at savings etc? If the loan rates are lower it could get v interesting
 
settlement said:
How would they assess applicants? Simply by looking at savings etc? If the loan rates are lower it could get v interesting
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For car/personal loans, you just link your main current account that your salary is paid into in the app, so they can presumably see your statements. You sometimes also need to upload other doc's like payslips via the app. Obviously a bit more involved for a mortgage, but I'd presume the mortgage application process would be somewhat similar.
 
revolut turned down our short term loan application, credit union and boi premier banking approved it in one day. Revolut also has the worst rate for the loan. They are emailing and in app messaging me weekly to take out a loan still.

You could almost guarantee they will have the simplest application process of just linking accounts, will turn down 90% of applications with no reason given and their rates will be at best the same as everywhere else. Most likely not as good, similar to have it has turned out with some of the other new entrants.
 
I see Revolut advertising for a “Mortgage Credit Risk Manager” based in Ireland on LinkedIn.
 
Brendan Burgess said:
Mr Heneghan claims that Revolut’s IT capability will be able to “make the customer journey a lot slicker, a lot faster and a lot less onerous for the consumer”.

You would be crazy to go near any online company for a mortgage and Revolut in particular. Many issues arise in drawing down a mortgage and you have to be able to contact the lender. Revolut is impossible to get a response from when problems arise. That is bad enough when you have had money taken out of your account but it could be fatal if you are trying to draw down money to close a sale.

Brendan
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Have you tried drawing down a mortgage from an Irish bank lately?

I was getting an equity release from an Irish bank lately that I have my main mortgage with. I had nothing but problems, for what was a straight forward application, the customer service was atrocious.

We shouldn't be discouraging new entrants into the market.
 
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